Shares of Mangalore Chemicals & Fertilisers Ltd today spurted by nearly 10 per cent to touch an all-time high, after Zuari Fertilisers hiked its stake to over 13 per cent in the UB Group firm.
Reacting positively to the news, shares of Mangalore Chemicals opened the day on a positive note and as trade progressed it further shot up by 9.96 per cent to Rs 67.85 — its all-time high on the BSE.
Similarly, at the NSE, the stock soared by 9.94 per cent to touch a record high of Rs 68.
Zuari yesterday acquired 41.43 lakh shares of MCFL for about Rs 25 crore, taking its stake to over 13 per cent and became the third largest shareholder in the company. Deepak Fertilisers has already overtaken UB Group as the largest stakeholder in MCFL.
Zuari purchased MCFL shares at average price of Rs 61.01 apiece, according to stock exchange data.
Deepak Fertilisers picked up 24.46 per cent equity for Rs 179 crore in MCFL from the open market last week.